Prime Minister Anthony Albanese says the relief will be distributed in a way to avoid inflationary impacts.
Australian households will receive the relief via a $1.5 billion energy rebate package that will be funded by the federal government - and administered by the states and territories. He said modelling shows the plan would see a reduction of 16 percentage points in the predicted gas price increase in 2023-24, and similar impact on electricity prices - where a projected rise of 36 per cent in 2023-24 would be wound back by 13 percentage points.
Parliament will be recalled next week to deal with the legislation required to implement the measures. Mr Albanese revealed the nature of the relief will vary from state to state, saying the impact of of price caps on coal-dependent states would be more severe.Employer association the Ai Group said there were aspects of the coal and gas price caps that need to be worked through, but overall it will be helpful in "dampening the immediate economic pain of this global energy crisis".
But the deal edged closer this week after NSW Treasurer Matt Kean confirmed he was not seeking compensation for lost revenue, saying the state was “prepared to take the hit” to protect consumers.
My power bill doubled in 9 months , Why
Hope he reduces the tariff rate and not give money from taxpayer to people who trick the system .
First priority to PAYG. Business are well looked after by federal/state/council. Business also gets one week of Tax payers funded sick leave for their employees. Look afer us first.
More grandstanding. They could have instituted a super profits tax and punished the greed of the energy companies. Not pander to fellow politicians who are only interested in their tax revenue.
This generally means another price hike
Shift the government subsidies from industrial animal agriculture to renewables et voila. Wins all round.
I still don’t understand why the energy companies making $180B in additional profit get to keep it, yet the Australian government borrows $1.5B to supplement power bills. What’s wrong AlboMP and JEChalmers let’s tax those mega profits! For Australians sake!
Socialist government policy of price fixing bankrupted Venezuela and every other country that attempted it as the cost to supply is higher than the fixed price to consumer to have a return to keep the supplier viably producing. This will end in total failure.
Building more power plants, and letting the market regulates the price stop propping up expensive inefficient power instead of cheap and reliable.
The 🤡 have no idea. One term Labor government
Make fossil fuels great again, No more blackouts ,
We own the coal, we own the gas.... nationalise them.
Temporary and avoids inflationary pressure, an ALP/Union style special, brown paper bags for everyone, you bewdy!
All your problems have one origin, if you do not seek it with an open mind, it will get worse.
temporary? TEMPORARY? dont recall any 'temporary' being mentioned before the election re: energy prices we were promised long term solutions, and Albo has failed to deliver yet again...
Price caps are one of the reasons the Roman empire fell. They are countee productive and will just end fueling inflation, it's basic economics.
In plain English? “You ain’t gonna see shit”!
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